PUTRAJAYA (June 21): Matrix Concepts Holdings Bhd’s maiden project in Kuala Lumpur, Chambers Kuala Lumpur, has achieved a 60% take-up rate within three months of the project’s soft launch in February this year.
Matrix Concepts founder and managing director Datuk Lee Tian Hock told EdgeProp.my that about 380 units of the 509 units in the serviced apartment project have been booked with almost all the studio units snapped up. The units come fully furnished.
Located along Jalan Ipoh Kecil, which is close to Putra World Trade Centre (PWTC), the 33-storey Chambers Kuala Lumpur serviced apartment has a GDV of RM311 million.
With an average price of RM900 psf, 70% of the units are studio units with built-up sizes ranging between 600 sq ft and 700 sq ft, while the remaining are 2-bedroom units with built-up sizes from 800 sq ft to 1,000 sq ft.
“We had a simple ground-breaking ceremony on June 8. We expect to complete the project in 2022,” said Lee.
According to him, the project’s strategic location and pricing are the main factors that have attracted buyers despite the current slow market condition.
“The pricing [of around RM900 psf] is attractive, as it is hard to find a fully-furnished unit in this location, which is in the heart of Kuala Lumpur city centre and close to public transportation [the PWTC Light Rail Transit Station is nearby],” he said.
Meanwhile, the Seremban-based property developer is also looking to accumulate more land in the Klang Valley area for future developments.
Lee said property development is the main revenue generator for the group. About 80% of its revenue comes from this segment, with 70% of the property sales from its Negeri Sembilan projects.
He noted that the company currently has an unbilled sales of RM1.2 billion, which could last the group about two years.
This story first appeared in EdgeProp.my pullout on June 22, 2018. Download EdgeProp.my pullout here for free.